Medicaid Planning Lawyers in Cartersville

The average cost of nursing home care in Georgia and throughout the United States has been steadily rising for years, and shows no signs of slowing. Nursing home care in Georgia averages nearly two hundred dollars per day, and may be more in metropolitan areas like Atlanta.

Over one-third of people aged sixty-five or older will spend some time in a nursing home, and the majority of older Americans do not have long-term care insurance. Even those who do have such insurance may only have limited coverage that will not pay the full cost, or coverage for far fewer years than they need.

Given these realities, few people are able to pay out of pocket for nursing home care for an extended period. Most people believe that Medicaid will pay for long term care only if the patient has “spent down” assets to almost nothing. Many people work hard all their lives, trying to provide a secure future for their families, only to have their assets consumed by the need for nursing care.

Protecting Family Assets with Medicaid Planning

The difference between Medicare and Medicaid can be confusing. Medicare is available to all Americans over a certain age. It does not pay for long-term care. Medicaid does pay for long-term care, but as noted above, requires people to spend most of their own assets before qualifying. Simply placing assets in the name of a child is not enough; Medicaid has a “look-back” period that will catch, and usually penalize, such transfers.

The good news is that a qualified Georgia Medicaid planning attorney can help families protect their hard-earned assets while becoming eligible for Medicaid. It is never too soon to start planning. If someone seeking to protect assets begins working with an attorney more than five years before care is needed, it is usually possible to protect most assets. Though it is not ideal to wait until there is a crisis and care is needed, even then, a knowledgeable attorney can probably help protect at least half of a family’s assets.

“Spend-down” and “look-back” requirements are in place to prevent fraud, not to impoverish honest families. That is why the government authorizes families to exclude assets from being “countable” by Medicaid with tools like specialized trusts, asset-conversion plans and Medicaid-compliant annuities.

What's the Difference Between Medicaid and Medicare?

Deciphering the differences between Medicaid and Medicare can get confusing, to say the least. With their incredibly similar names, it's easy to get the two jumbled up. However, they do have different standards and implications, causing different results for your needs. Listed below are some of the main differences for your reference:

Medicaid is for nursing home

Georgia residents can have over 1 million of assets and still qualify for Medicaid.

Medicare does not pay for ANY nursing home/assisted living. Medicare pays for 20 days in a rehab facility, and in some situations, it can cover up to 100 days.

Medicaid laws vary by state, so if you are new to the state of Georgia or you are not aware of Georgia's Medicaid laws, contact the attorneys at Asset Protection & Elder Law of Georgia to help you understand the details you need to successfully plan for the future.

Attorney Sharon McCoy has over 400 hours of continued education that is specific to elder law and Medicaid planning. If you have any questions or would like your case assessed, please contact the medicaid planning attorneys at Asset Protection & Elder Law of Georgia today!

Contact Our Cartersville Medicaid Planning Lawyers

Asset Protection & Elder Law of Georgia is committed to helping Georgia clients and their families get the care they need without risking the financial security they’ve spent a lifetime building. Our Medicaid planning attorneys have years of experience helping clients identify their needs, understand their available choices, and protect what’s important to them.

Each client and each family is unique. At Asset Protection & Elder Law of Georgia, we strive to be responsive to the individual needs of each client and their family, offering not only the legal guidance they need but the support and dignity they deserve. If you are concerned about the cost of nursing home or other long-term care, whether for yourself or a family member, we invite you to contact us to get your questions answered and to learn about your options.

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About Us

Cartersville, Georgia attorney Sharon McCoy focuses her practice on families in need of estate planning and elder law services. She is committed to personal, compassionate service to every client. Sharon’s experience has shown her that planning… Read More

Attorney Lance McCoy has practiced law in Georgia for over 25 years. Since 2003, Lance has worked alongside his wife, Sharon McCoy, at their family-owned Cartersville firm, The McCoy Law Firm, LLC. His work for Asset Protection & Elder Law of Georgia… Read More

Attorney Jana Allen As a criminal defense lawyer, Attorney Jana Allen joined The McCoy Law Firm in 2020 after transitioning from the position of Assistant District Attorney in the Cherokee Judicial Circuit (serving Bartow and Gordon Counties). Jana h… Read More

Why Choose Us

In a perfect world, life should become easier when we reach old age. However, in more and more cases, we have noticed that the financial structure is lacking for seniors and their families, especially when trying to pay for long-term care services.

At Asset Protection & Elder Law of Georgia, we understand that all of this can be overwhelming for seniors and their families. We are here to help you during your time of need and we can help you plan everything, from establishing your nursing home care plans to building your will or trust.